Nationwide Financial Services, Inc. today announced an agreement to sell The 401(k) Company, Inc. to The Charles Schwab Corporation for $115 million in cash, subject to a post-closing adjustment. The 401(k) Company, based in Austin, Texas, provides defined contribution plan administrative and record-keeping services to employers in the large-case market. As of Sept. 30, 2006, The 401(k) Company administered assets totaling approximately $21.7 billion for 100 companies with 400,000 participants.

Nationwide Financial Reaches Agreement to Sell The 401(k) Company to Charles Schwab
Source: PR Newswire